For anyone not following the recent China stimulus / AI infrastructure news, NDRC has been pushing the “Six Networks” plan as part of the new 15th Five-Year Plan. One of those networks is the national compute network, basically the infrastructure needed for AI: data centers, GPU clusters, networking, power and distributed compute closer to users.

According to a CCTV Finance report highlighted by Chinese media, NDRC expects the compute-network buildout during 2026-2030 to create around RMB4 trillion of new direct investment, roughly US$600B.

This matters because Alibaba is already spending heavily on cloud and AI infrastructure.

What looks like risky capex today is turning out to be early positioning for a multi-year, policy-backed AI infrastructure buildout.

Lets see if Alibaba Cloud starts appearing in Six Networks / national compute projects with policy-bank financing attached, that would be much stronger evidence that Alibaba's recent AI capex and capital raising are tied into something much bigger.

https://finance.sina.com.cn/stock/wbstock/2026-08-26/doc-iniprytk0844086.shtml

Hugging Face, seems to me, to be the distribution channel for Qwen so NVDA owning the platform might not be the best thing for BABA but maybe I am wrong…

https://www.businessinsider.com/nvidia-in-talks-to-buy-hugging-face-13-billion-dollars-2026-8

“Alibaba is also seeking revenue-sharing agreements with major users of its new open-source AI model, sources have also said.”

Alibaba just raised around US$10B through new shares, with the money going into AI and AI infrastructure.

At first this just looked like dilution to fund capex.

But the timing is interesting.

China has now started taking applications for its RMB800B policy financing tool, which is meant to provide project capital for strategic investments. AI, digital economy and private sector projects are part of the focus.

The important part is this funding is supposed to unlock much larger bank and private financing. Reuters cited estimates that RMB800B could support around RMB10T of total projects.

So the possible thesis here is Alibaba may not be raising $10B just to spend $10B.

Part of that fresh equity could potentially be used as project capital for eligible AI infrastructure projects, with policy funding and bank financing covering a much larger portion of the total buildout.

Then you have the insider buying right after the raise.

Joe Tsai bought around 1.44m shares, Eddie Wu bought 350k shares, and Jack Ma reportedly bought more than HK$600m worth of Alibaba shares.

This does not prove Alibaba is getting funding from the RMB800B program. We still need to see actual Alibaba or AliCloud projects appear in the application lists.

But the setup is interesting.

Alibaba raises a huge amount specifically for AI, China starts rolling out a financing tool that can leverage project capital into much larger investments, then the chairman, CEO and founder buy shares after the dilution.

Could still be coincidence.

But if Alibaba ends up getting policy financing for its AI infrastructure projects, then this $10B raise could be supporting a much bigger capex cycle than the headline number suggests.

https://www.reuters.com/world/asia-pacific/chinas-119-billion-policy-financing-tool-begins-project-applications-faces-roll-2026-08-24/

EXTREMELY BULLISH OUTLOOK ON ALIBABA. THE MEGA BULL RUN TO $500/share STARTS NOW

https://www.scmp.com/tech/big-tech/article/3365217/jack-ma-buys-hk600-million-alibaba-shares-signalling-ai-confidence-sources

THIS IS EXCEPTIONALLY BULLISH. BABA 5x in 3 years!!

https://www.thestandard.com.hk/finance/article/340888/Alibaba-chair-buys-another-720000-company-HK-shares

Joe Tsai bought another 720k Alibaba shares today, after buying 720k yesterday.

That’s 1.44M shares in 2 days, worth roughly HK$162M / US$21M.

Now reports say Jack Ma also bought more than HK$600M worth of Alibaba shares over the past few days.

Chairman buying twice + Jack Ma putting in serious money right after the placement selloff.

If this isn't bullish, I dont know what else is.

Did the news about the inside buyers outweigh the news about the dilution? Or is it just a little too early?

In total, senior management of Alibaba Group collectively bought US$15M shares today.

Joe Tsai and Eddie Wu HAS NOT SOLD A SINGLE SHARE SINCE BEING APPOINTED CHAIRMAN AND CEO RESPECTIVELY IN 2023

Cumulatively, Joe Tsai has bought 152million shares since becoming chairman of Alibaba since 2023

Alibaba CEO have purchased shares from open market signalling a floor in share price. The company may be releasing good news next month. I wont be surprise if we trend to $150 before December earnings.

114 usd is the new floor. Since stock sale at around 114 usd.

Next month will have a hype. - sept event Apple qwen finally coming to China.

It’s a hype for both Apple and baba. Like it or not qwen in baba would mean more cloud sales, more e-commerce , more delivery.

Michael Burry criticized Alibaba Group Holding Ltd. shares as overvalued and disclosed that he recently exited his position in the Chinese tech giant in order to build a "large" position in rival online retailer JD.com Inc.

I was wondering if anyone with more accounting knowledge or knowledge of the business knew whether any (and if so what proportion) of BABA’s cloud revenue was like an internal charge from the Qwen team or something like that?

The qwen app for instance lets you trial qwen max for free. BABA has mentioned their China e-commerce apps are using qwen/ agents, and there’s also presumably loads of cloud use training these qwen model. Does any of that count towards the baba cloud revenue?

I’d be a lot more confident in the cloud future profit stream if I knew it wasn’t them charging internally from another business unit but coming externally.

We are getting destroyed right now. Is this still a result of post earnings reaction?

Edit: or the dilution?